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Karin Morabito

karin@karinmorabitohomes.com +1(585) 290-6410

$ 529,900

Est. payment | -/mo

6 Beds

4 Baths

5,125 SqFt

Save

$ 529,900

Est. payment | -/mo

Save

6 Beds

4 Baths

5,125 SqFt

Key Details

Property Type Multi-Family, Mobile Home

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 5,125 sqft

Price per Sqft $103

MLS Listing ID B1701476

Style Fourplex

Bedrooms 6

Full Baths 4

Construction Status Existing

HOA Y/N No

Year Built 1890

Annual Tax Amount $5,531

Lot Size 6,398 Sqft

Acres 0.1469

Lot Dimensions 59X108

Property Sub-Type Multi Family

Property Description

Seize the opportunity to acquire this 4-unit side-by-side brick multifamily hiding in plain sight in one of Buffalo's most central and convenient locations. Situated at 399 S. Elmwood Ave. in downtown Buffalo (Accessible from Virginia Ave), this 5125 sq ft income property on 6400 SF lot offers tremendous value-add potential with below-market rents and expense improvement opportunities, creating a clear opportunity to increase cash flow and enhance long-term returns immediately. Actual Gross Income of $51,420 annually, potential gross of $71,400 (7.72% CAP RATE). Its prime location places tenants just minutes from Downtown Buffalo, the Buffalo Niagara Medical Campus, Allentown, Elmwood Village, waterfront attractions, and major employment centers, supporting strong rental demand. Constructed entirely of brick hidden beneath the exterior's ivy canvas, the property offers the durability and lower-maintenance benefits that investors appreciate, while the rare side-by-side layout for the end units provides desirable unit separation and privacy. Includes a European Style courtyard for BBQ and outdoor recreation. The middle unit divides into upper/lower (3rd and 4th units). One of the property's greatest advantages is its 4-unit configuration and the overall uniqueness of the units as well as the very tall ceiling heights giving it a personal and home-like feel which tenants will be hard pressed to find elsewhere. Unlike larger apartment buildings, will qualify for residential conventional financing, giving investors access to financing options that can be more attractive than commercial loans in addition to tax advantages, making this an appealing acquisition for both experienced investors and those looking to scale into multifamily ownership. Whether your strategy is to renovate units, bring rents to market levels, improve operations, or build long-term equity through appreciation and increased income, this property presents an exceptional opportunity to unlock significant upside. Well-located four-unit investments with durable brick construction and clear value-add potential are increasingly difficult to find—don't miss your chance to add this to your portfolio.

Location

State NY

County Erie

Area Buffalo City-140200

Direction Elmwood to Virginia (Lot located on Virginia Ave)

Interior

Heating Gas, Forced Air, Radiant

Flooring Carpet, Ceramic Tile, Varies

Fireplace No

Appliance Gas Water Heater

Exterior

Utilities Available Sewer Connected, Water Connected

Building

Lot Description Rectangular, Rectangular Lot

Story 2

Foundation Slab

Sewer Connected

Water Connected, Public

Architectural Style Fourplex

Level or Stories Two

Structure Type Brick,Other

Construction Status Existing

Schools

School District Buffalo

Others

Senior Community No

Tax ID 140200-111-220-0010-008-100

Acceptable Financing Cash

Listing Terms Cash

Special Listing Condition Standard

Listed by HUNT Real Estate ERA 716-864-1929

NEARBY SCHOOL & BUSINESS

+1(585) 290-6410

karin@karinmorabitohomes.com

333 Metro Park, Rochester, NY 14623, USA

399 S Elmwood AVE Buffalo, NY 14201